Press release
Titan Machinery Inc. Announces Results for Fiscal First Quarter Ended April 30, 2023
- Revenue for First Quarter of Fiscal 2024 Increased 23.6% to $569.6 million - - First Quarter of Fiscal 2024 EPS Increased 55% to $1.19 - - Reiterates Fiscal
About this update from Titan Machinery Inc.
[{"type":"text","content":"- Revenue for First Quarter of Fiscal 2024 Increased 23.6% to $569.6 million - - First Quarter of Fiscal 2024 EPS Increased 55% to $1.19 - - Reiterates Fiscal 2024 EPS Modeling Assumption Range of $4.50-$5.10 - WEST FARGO, N.D., May 25, 2023 (GLOBE NEWSWIRE) -- Titan Machinery Inc. (Nasdaq: TITN), a leading network of full-service agricultural and construction equipment stores, today reported financial results for the fiscal first quarter ended April 30, 2023. David Meyer, Titan Machinery’s Chairman and Chief Executive Officer, stated, \"We are off to a solid start to fiscal 2024 with strong first quarter results consistent with our expectations going into the year. Notably, each of our operating segments achieved expansion in pre-tax margins versus the prior year period. Our Agriculture segment continued to drive growth, reflecting healthy underlying industry fundamentals and strong customer demand. Our equipment business remains strong, albeit hampered by the constrained supply in key product categories. Our parts and service business also performed well, despite a later start to the planting season in some of our northern markets. We are poised for this momentum in our parts and service business to carry into our fiscal second quarter as our customers complete their spring field work. We are well positioned to capitalize on the opportunities that lie ahead and are committed to providing world-class service to our customers and delivering strong results for our shareholders.\" Fiscal 2024 First Quarter Results Consolidated Results For the first quarter of fiscal 2024, revenue increased to $569.6 million compared to $461.0 million in the first quarter last year. Equipment revenue was $429.4 million for the first quarter of fiscal 2024, compared to $356.4 million in the first quarter last year. Parts revenue was $96.6 million for the first quarter of fiscal 2024, compared to $68.6 million in the first quarter last year. Revenue generated from service was $34.9 million for the first quarter of fiscal 2024, compared to $29.5 million in the first quarter last year. Revenue from rental and other was $8.7 million for the first quarter of fiscal 2024, compared to $6.6 million in the first quarter last year. Gross profit for the first quarter of fiscal 2024 was $118.6 million, compared to $88.7 million in the first quarter last year. T...